Cryptocurrency and digital assets and platforms created through blockchain technology are poised to create major disruptions in the delivery of financial services, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Tuesday. The committee conducted a hearing on the report from the President’s Working Group on Financial Markets’ Report on Stablecoins.

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The Virginia Safety and Health Codes Board, a subset of the Virginia Department of Labor & Industry, today took the first step toward revoking its COVID-19 Emergency Standards for Virginia's workplaces. In January 2021, the Virginia Department of Labor and Industry (DOLI) enacted its Permanent Standard (which replaced an Emergency Temporary Standard), requiring employers to develop and train employees on their plan for limiting the spread of COVID-19.

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BayPort Credit Union announced it has opened its fourth Virginia Beach branch to better serve its growing Southside membership. BayPort celebrated the grand opening with an official ribbon-cutting ceremony led by Virginia Beach Mayor Bobby Dyer.

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Much like U.S. bank M&A, the number of credit union mergers rebounded in 2021 following a pandemic-induced dip in activity in 2020. Credit unions completed 168 deals in 2021 (including three in Virginia), up from 139 in 2020 and 153 in 2019, and one credit union adviser said activity will not slow down in 2022. Credit unions are increasingly looking to mergers for reasons similar to banks, like gaining scale and offsetting multiple quarters of tepid loan growth, but the recent uptick in banks eliminating or drastically reducing non-sufficient fund and overdraft fees will likely drive even more credit union mergers this year, says one expert.

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GAC Attendees: Washington D.C. city officials announced yesterday they are ending their vaccine verification requirement effective today. They have also indicated the indoor mask requirement will expire on Feb. 28.

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The Consumer Financial Protection Bureau (CFPB) is taking action to halt prepaid card providers illegally siphoning money away from Americans through exclusive government benefit contracts. The CFPB issued a compliance bulletin today outlining the existing prohibitions against prepaid cards being the sole method for distributing government benefits. The bulletin underscores rules intended to protect market competition and to protect people’s right to have a choice in how they receive their money under the Electronic Fund Transfer Act (EFTA).

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The Virginia Credit Union League is a proud sponsor of the Credit Union Cherry Blossom Ten Mile Run® benefitting Children’s Miracle Network Hospitals, which will be held on April 3 in Washington, D.C.! With our sponsorship, we received 20 Guaranteed Race Entry Codes for the Run or the 5K Run-Walk. Contact us for a code.

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In its first year, the BayPort Foundation has raised $158,875 to support student scholarships and educational grants in the Greater Hampton Roads area.

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Marking another significant win in a state-level field-of-membership battle with bankers now stretching into its third year, a State Corporation Commission hearing examiner sided strongly with Virginia Credit Union and the League.

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CUNA filed comments with FinCEN regarding the proposal on reporting requirements for beneficial ownership information. This proposal is one in a suite of expected proposals aimed at implementing the beneficial ownership database FinCEN was tasked with creating in the AML Act of 2020.

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